China-based pharmaceutical software developer Taimei Technology has collected $80m in a series E round featuring SoftBank China, a local subsidiary of telecommunications group SoftBank, China Money Network reported yesterday.
The round, disclosed at Taimei’s annual meeting late last week, was led by hedge fund manager Tiger Global Management and included venture capital firm Cowin Venture.
Founded in 2013, Taimei has developed software that can manage the implementation of clinical drug trials, bringing together drug developers, patients, researchers, regulators, research institutes, sponsors and third-party service providers.
The company’s products include a data collection system, a drug management platform, medicinal logistic services and an electronic regulatory submission system which are designed to improve cost, quality and efficiency in the research and development of new drugs.
Proceeds from the series E round will be used to invest in new products and provide additional services such as marketing, according to VCBeat, which cited comments made by Taimei CEO Zhao Lu.
Taimei had previously closed a $47.7m series D round in April 2018 that included Softbank China, private equity firm SAIF Partners, Morningside Venture Capital, Zheshang Venture Capital and Ivy Capital.